Trader: Want opportunity? Try these household names

One portfolio manager said Monday's correction could be an opportunity for bargain-hunting investors to rebalance their accounts.

"There are some big household names that are really attractive today," Bill Nygren, fund portfolio manager at value-investing based mutual fund group Oakmark Funds, said Monday on CNBC's "Halftime Report."

Investors can find good values by adding an asset that has gone down to their portfolio, Nygren said. With the stock market regaining 500 points Monday after a steep decline in morning trading, that asset is now equities, Nygren said. (Tweet This)

1. Bank of America

For instance, Bank of America is selling at 70 percent of its stated book value, making it a "cheap" stock, Nygren said, considering it can return almost all of its capital to shareholders.

Shares of the financial sector stock traded down over 5 percent for the day. Indeed, Bank of America was upgraded to "outperform" by Keefe, Bruyette & Woods Sunday night based on limited exposures to China and an attractive valuation, a research note said.

2. General Electric

Another stock that's shielded from China and returning money to shareholders is General Electric, Nygren said. GE currently pays a dividend of $0.92 a share, a yield of about 3.7 percent.

"The yield is so well-covered at General Electric," he said. "They make about twice what they're paying out. It's hard to imagine the environment that would require them to cut that dividend."

Nygren likened GE to a Treasury bond with twice the yield, saying it's likely that the machine and engineering conglomerate will see earnings go up over time. Shares of GE, which lists Europe and the U.S. as its biggest revenue markets in SEC filings, traded down about 3 percent for the day Monday.